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A fifth of the world’s stocks are secret dividend traps that need to be avoided, according to data from Janus Henderson.

The asset manager warned that companies paying £230bn of the world’s dividend income risk capturing unsuspecting investors before cutting or scrapping their payouts entirely.

Stocks have become a vital source of income for investors in a world where interest rates are extremely low. Gone are the days of 5pc yields from savings accounts. Nowadays savers are lucky if the rates on offer are able to beat inflation.

Stocks have picked up the slack, particularly in Britain, where the average yield of the entire market is 4.3pc – far higher than other assets, including bonds.